Scoreboard: Washington snub

Markets continued to show a stubbornly optimistic attitude in the face of warnings over Washington's shutdown.

Decent gains of between 0.6 to 0.8 per cent on Friday night meant that US stocks finished the week 0.9 per cent higher. Not bad for a country on the brink of default. In fact, there is a clear divergence between the alarmism of global policy makers and the market reaction. So far in this crisis US stocks are down only 1.3 per cent and US Treasury yields – apart from some very short-term paper – are lower. Recall that the US Treasury reckon it will have only $30 billion in the kitty to pay bills by Thursday and that will only last another week or two.

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